The building has undergone major renovation, including the complete renewal of most spaces across its six floors
• The property reached 100% occupancy as a result of the improvements, attracting leading tenants

Ardian, a world-leading private investment house, and Prelios SGR, one of Italy’s most important real estate and securities asset management companies, have completed the sale of an office building located at the Milanofiori Business Park in Milan’s Assago district to Inovalis, a major French real estate investment manager.

The transaction was conducted through a closed-end investment company (SICAF) wholly owned by Ardian and managed by Prelios SGR.

The building has a commercial area of approx. 18,000 sqm and 125 parking spaces. It consists of 6 floors for executive use, 1 ground floor with two food & beverage units serving the tenants, and a basement floor providing parking and archive facilities. The building is located in Milan’s Milanofiori Business Park, a mixed-use real estate complex including offices, residential properties, shops, a multi-screen cinema, hotel, fitness centre and university campus in the south-west of Milan. The area is strategically connected to the rest of the city via the M2 metro line, which provides access to the city’s three main railway stations (Garibaldi, Centrale and Cadorna), and is a 20-minute drive from Linate international airport.

Ardian and Prelios SGR completed major renovation plan on the property between 2018 and 2021. This included a total renovation of the spaces not yet leased and the complete redevelopment of the ground floor. A new double-height lobby was added to the building, alongside the refurbishment of the common areas. The maximum capacity of the floors was also increased. The building has obtained BREEAM certification.

The redevelopment has boosted rental activity and increased occupancy in the building, attracting leading national and international companies which have rewarded the quality level of the property compared to other buildings in Business Park. As a result, occupancy has increased from 51% at the time of purchase in 2017 to 100% today.

“While some parts of the office market outside of city centres have faced challenges in recent months, the redevelopment and extensive improvements completed on this property have seen it reach full occupancy and attract leading international tenants. This highlights the strong demand from the market for Grade A space and Ardian’s ability to enhance the value of its real estate assets. The sale of the property to Inovalis is an excellent signal for the market and demonstrates how Grade A office space with excellent tenant covenants continues to attract interest from institutional investors”. Matteo Minardi, Head of Real Estate Italy, Ardian

“We are pleased to have completed the renovation, improvement and sale of the Assago property, which included the significant improvement of the building’s rental profile and sustainability credentials. Against the current market backdrop, this transaction reiterates Prelios SGR’s experience in implementing targeted asset management that helps to improve quality and attractiveness for international investors. We are particularly proud to have created value for Ardian through this process”. Nicola Sajeva, Director Asset&Development Management, Prelios SGR

Savills acted as commercial advisor for the transaction. Ardian and Prelios SGR were supported by Studio Legale Gattai, Minoli, Partners as legal and tax advisor. CBRE acted as technical advisor.

ABOUT ARDIAN
Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 17 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com
ABOUT PRELIOS SGR
Prelios SGR is part of the Prelios Group and is one of the leading asset management companies in Italy. The company is active in the promotion, establishment and management of real estate and credit alternative investment funds, advisory and management of separate accounts, on behalf of leading Italian and international institutional investors. Prelios SGR plays a pioneering role in the innovation of investment products, both in terms of asset classes and types, including the management of one of the first heterogeneous SICAFs, and the largest UTP fund in Italy and among the largest in Europe. Prelios SGR has developed high standards and control systems in terms of governance, risk management and transparency, while maintaining operational flexibility. The Company is also committed to the promotion of sustainability values, as demonstrated by its adherence already in 2019 to the UN PRI – Principles for Responsible Investment and, from 2020, to the GRESB.

prelios.com
PRESS CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

27 September 2023 – Quilvest Capital Partners (“Quilvest”), a leading global private
investment firm and Dromeus Capital Group (“Dromeus”), an alternative investment manager
focused on Greek commercial real estate, are pleased to announce the launch of a joint
venture (the “Joint Venture”) to invest over €100 million in the acquisition and development of
industrial and logistics properties across Greece, with a strong emphasis on sustainable
assets.

The Joint Venture is focused on developing modern logistics assets that adhere to the highest
ESG standards, which include using sustainable construction materials and installing
photovoltaic panels to generate discounted renewable energy, as well as EV charging points
to power electric vehicles.

Building upon the success of a pilot investment completed in 2022, the Joint Venture is
currently in the process of advancing its inaugural project – a 42,000 sqm LEED Gold-certified
warehouse situated in Elefsina, West Attica. As the main logistics hub of Athens, West Attica
offers convenient access to the Attica ring road, the main motorways, the Port of Piraeus, and
the broader Athens metropolitan area. Furthermore, plans to expand the site by an additional
30,000 sqm are on the horizon, planned in the next two years.

The Athens logistics market has been showing strong growth fundamentals, fuelled by
Greece’s economic recovery, the rise of e-commerce in the country, and the increasing
importance of the Port of Piraeus as a gateway to Europe for global trade. The lack of modern
stock able to fulfil tenants’ demands has led to very low vacancies for prime warehouses and
significant rental level appreciation, a trend set to continue.

As the majority shareholder and financial partner, Quilvest has a distinguished track record of
partnering with local investors and managers globally to capitalise on investment opportunities
in sectors with strong fundamentals and growth potential. In the logistics/industrial sector,
Quilvest has acquired c. 700k sqm of real estate since 2015 and has demonstrated a
successful experience in aggregating and exiting portfolios in Europe and the US.
Michael Kandarakis, Partner and Co-Head of Real Estate at Quilvest, commented: “We are
delighted to introduce Herod, Greece’s first sustainability-focused logistics platform of
significant scale. It is a natural extension of a 10-year record of investing in the industrial and
logistics sector in Europe and the US. Our goal is to support Greece’s growing economic and
trading activity by developing storage space that adheres to the highest efficiency and ESG
standards. We are thrilled by our collaboration with the talented team at Dromeus.”

Achilles Risvas, CEO and Founder of Dromeus Capital Group, said: “We are very excited to
formally launch our logistics platform, Herod. The surging demand for modern, Grade-A
logistics warehouses coupled with the lack of existing supply underpins our investment thesis.
With Quilvest’s extensive expertise and resources, we have a powerful ally in our mission to
redefine the Greek logistics landscape.”
ENDS

About Quilvest Capital Partners:
Quilvest Capital Partners is a leading global investment firm focused exclusively on the midmarket. It operates four investment strategies: Real Estate, Funds & Co-Investments, Direct
Private Equity and Private Debt.
As one of the earliest pioneers in the alternative investment industry, Quilvest takes pride in
its rich and extensive history, with decades of experience deploying capital across multiple
business cycles and environments. The firm is trusted to manage over $7bn AUM for a
prestigious base of global investors, including leading pension plans, sovereign wealth funds,
insurance companies, and family offices. Quilvest’s heritage dates back more than a century
to 1917, when it began managing the wealth of the company’s founding shareholder, the
Bemberg family, which it continues to do to this day.
With six offices worldwide, the team is focused on identifying the global trends and themes
underpinning each investment strategy. In real estate, where the firm invests across Europe
and the US, the focus is on inefficient “niches within niches” in the lower mid-market value add
space, where risk is mispriced and competition scarcer. Since its inception in 2012, the team
has acquired $1.2bn of real estate across 30 transactions.
Quilvest overlays this thematic approach with an extensive global network of highly valued
relationships, enabling the team to identify and invest in the best opportunities for investors
and partners.

Quilvest Capital Partners is committed to the highest standards of excellence offering best-inclass infrastructure and the professionalism of a global investment firm, while retaining the
deeply personal, entrepreneurial, nimble approach rooted in its origins.
For more information, visit www.quilvestcapitalpartners.com

About Dromeus:
Dromeus Capital Group is an alternative investment management firm with a thematic, valueoriented investment philosophy. Established in 2008, the firm concentrates on a select
number of high-conviction thematic ideas with asymmetrical risk-reward characteristics.
These themes encompass a broad spectrum, including distressed investments, real estate,
digital infrastructure, and geographic-specific or sector-specific strategies.
In 2017, Dromeus ventured into the real estate investment sector, guided by its belief that
Greece’s improving macroeconomic conditions and several sector-specific dynamics provided
an opportune environment for targeted commercial real estate investments. Employing a
thematic investment strategy, Dromeus strategically allocated resources to Greek real estate
assets, spanning various risk levels, with a particular focus on opportunities within the office
and logistics sectors. Presently, Dromeus operates a robust local investment platform,
employing a team of 21 dedicated real estate professionals based in Athens. The company
owns and manages a diverse portfolio comprising 27 commercial real estate assets, with a
Gross Asset Value surpassing €0.5 billion.

For more information, please visit www.dromeuscapital.com.
Media contacts:
Greenbrook
Tashi Lassalle / Sofia Newitt
+44 (0) 20 7952 2000
QuilvestCapital@greenbrookadvisory.com